Quad City Times owner Lee Enterprises recorded a $171-million accounting charge to reflect the falling value of its business during the fourth quarter, turning a 25 cents per share gain into a $1.71 per share loss, according to financials released Monday (11/11) by the Davenport-based firm.
For the fourth quarter ended September 29, the company reported a net loss of $88.7 million, compared with a net loss of $7.7 million, or 15 cents per share, for the same period a year ago.
For the fiscal year ended September 29, Lee reported a loss of $78 million, 1.51 per share, compared with a $16.7 million loss, 34 cents per share, during fiscal 2012.
The large "non-cash impairment charge" more than offset what the company said would have been a 25 cent per share, $13.2 million, gain for the quarter.
Despite growth in its digital advertising/service revenue, Lee reported total overall operating revenue fell nearly 5 percent to $675 million during fiscal 2012. At the end of September, Lee's debt stood at $847 million, compared with $945 million a year ago. For fiscal 2012, Lee paid $89.5 million in interest expense on its debt.
CLICK HERE to download the Lee news release with its fourth quarter earnings.
